The article deals with the two fundamental theorems of welfare economics for production economies with a finite set of agents, infinitely many private goods, and a set of public projects. The problem of efficiency and decentralization is addressed under the following very general assumptions: (a) the commodity–price duality is endowed with a consistent locally convex topology; (b) the set of public projects is without any mathematical structure. Moreover, any agent is characterized by a nonordered preference relation depending on consumption goods and public projects. Approximate and exact welfare theorems are discussed throughout the article.
ECONOMIES WITH PUBLIC PROJECTS: EFFICIENCY AND DECENTRALIZATION / Graziano, MARIA GABRIELLA. - In: INTERNATIONAL ECONOMIC REVIEW. - ISSN 0020-6598. - STAMPA. - 48:(2007), pp. 1037-1063.
ECONOMIES WITH PUBLIC PROJECTS: EFFICIENCY AND DECENTRALIZATION
GRAZIANO, MARIA GABRIELLA
2007
Abstract
The article deals with the two fundamental theorems of welfare economics for production economies with a finite set of agents, infinitely many private goods, and a set of public projects. The problem of efficiency and decentralization is addressed under the following very general assumptions: (a) the commodity–price duality is endowed with a consistent locally convex topology; (b) the set of public projects is without any mathematical structure. Moreover, any agent is characterized by a nonordered preference relation depending on consumption goods and public projects. Approximate and exact welfare theorems are discussed throughout the article.| File | Dimensione | Formato | |
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